WINMARK CORP — Director's Dealing 2020

Nov 4, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: WINMARK CORP (WINA)
CIK: 0000908315
Period of Report: 2020-11-02

Reporting Person: Ishaug Anthony D (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-11-02	Common Stock	M	1895	$32.92	Acquired	26989	Direct
2020-11-02	Common Stock	M	605	$37.76	Acquired	27594	Direct
2020-11-02	Common Stock	S	2000	$174.39	Disposed	25594	Direct
2020-11-02	Common Stock	S	500	$173.78	Disposed	25094	Direct
2020-11-02	Common Stock	M	1261	$32.92	Acquired	26355	Direct
2020-11-03	Common Stock	M	5020	$37.76	Acquired	31375	Direct
2020-11-03	Common Stock	S	3347	$174.71	Disposed	28028	Direct
2020-11-03	Common Stock	S	200	$172.52	Disposed	27828	Direct
2020-11-03	Common Stock	S	1473	$170.93	Disposed	26355	Direct
2020-11-03	Common Stock	M	1875	$37.76	Acquired	28230	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-11-02	Employee Stock Option (right to buy)	$32.92	M	3156	Disposed	2020-12-14	Common Stock (3156)	Direct
2020-11-02	Employee Stock Option (right to buy)	$37.76	M	7500	Disposed	2021-06-01	Common Stock (7500)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$53.34	2021-12-08	Common Stock (7500)	7500	Direct
Employee Stock Option (right to buy)	$51.17	2022-06-01	Common Stock (7500)	7500	Direct
Employee Stock Option (right to buy)	$55.72	2022-12-13	Common Stock (7500)	7500	Direct
Employee Stock Option (right to buy)	$59.77	2023-06-01	Common Stock (7500)	7500	Direct
Employee Stock Option (right to buy)	$82.72	2023-12-16	Common Stock (7500)	7500	Direct
Employee Stock Option (right to buy)	$66.29	2024-06-01	Common Stock (7500)	7500	Direct
Employee Stock Option (right to buy)	$80.32	2024-12-15	Common Stock (7500)	7500	Direct
Employee Stock Option (right to buy)	$91.93	2025-06-01	Common Stock (6800)	6800	Direct
Employee Stock Option (right to buy)	$90.99	2025-12-14	Common Stock (6800)	6800	Direct
Employee Stock Option (right to buy)	$98.25	2026-06-01	Common Stock (6800)	6800	Direct
Employee Stock Option (right to buy)	$125.50	2026-12-12	Common Stock (6800)	6800	Direct
Employee Stock Option (right to buy)	$122.50	2027-06-06	Common Stock (5000)	5000	Direct
Employee Stock Option (right to buy)	$134.25	2027-12-11	Common Stock (5000)	5000	Direct
Employee Stock Option (right to buy)	$143.20	2028-06-01	Common Stock (5000)	5000	Direct
Employee Stock Option (right to buy)	$156.00	2028-12-11	Common Stock (5000)	5000	Direct
Employee Stock Option (right to buy)	$164.84	2029-06-01	Common Stock (4000)	4000	Direct
Employee Stock Option (right to buy)	$176.20	2029-12-16	Common Stock (4000)	4000	Direct
Employee Stock Option	$143.87	2030-06-01	Common Stock (4000)	4000	Direct

Footnotes

F1: 25% per year for 4 years

F2: 2,000 shares sold at an average price of $174.39, with a range of $174.00 to $174.95, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F3: 3,347 shares sold at an average price of $174.71, with a range of $174.50 to $174.99, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F4: 200 shares sold at an average price of $172.52, with a range of $172.50 to $172.55, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F5: 1,473 shares sold at an average price of $170.93, with a range of $170.62 to $171.15, to cover payment of exercise price of and taxes due on option exercises included on this Form 4.

F6: 605 option shares exercised 11/02/2020 and 6,895 option shares exercised 11/03/2020 as indicated in Table I.